2024 Standard Deduction Single Over Age 65. The standard deduction is a valuable tax benefit that allows seniors to reduce their taxable income, potentially lowering their overall tax liability. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.

The 2024 tax year introduces significant adjustments to the standard deduction amounts, a critical component of tax planning and strategy. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.